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10/20/2017 1:01:18 AM
9/22/2017 12:11:25 AM
Posted: 10/1/2005 7:58:27 AM EDT
I've noticed that a lot of people are talking about incorporating for one reason or another. Why are people doing this?
Link Posted: 10/1/2005 8:38:36 AM EDT
[Last Edit: 10/1/2005 8:39:24 AM EDT by 1Gunner]
most people are going limited liability company

it's either to
A) submit your NFA Form 1s and Form 4s to ATF WITHOUT having the local CLEO signing off, the firearms are company assets and not individual
B) You are going into business and need to enter binding contracts with manufacturers, etc.
C) You are starting a business and need to separate personal liability from the business liability
Link Posted: 10/1/2005 8:55:08 AM EDT
[Last Edit: 10/1/2005 8:56:15 AM EDT by slammer11111]
But how does that work? You just say, "Hey I want to form a corporation"? Is there anything else to it other than that, along with paperwork, of course? I guess what i'm trying to say is, if you aren't starting a company or anything like that, but doing it so you won't have to have the CLEO sign off on your paperwork, what are the pro's and con's to it?
Link Posted: 10/1/2005 9:01:28 AM EDT
[Last Edit: 10/1/2005 9:06:25 AM EDT by 1Gunner]
Edit to answer your specific question...

There is no con other than you spent $650 on lawyer fees to set it up in the first place and have to file your Taxes every year, granted you won't have any profits so it is just paperwork
You also have to file a few papers yearly if you are acting as the agent for the company , which in most cases the agent (the person available 24/7 to be contacted by IRS, etc) is the owner

The pro is you gain immediate clout with others to do business and you can apply for business loans
Link Posted: 10/1/2005 3:31:03 PM EDT
Well maybe after I retire from the AF, I'd like to get into the AK business. But until now, I think it'd be more of a headache than anything.
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